Systems and methods for routing trading orders

ABSTRACT

Systems and methods are provided for routing trading orders. The system determines that a first trading entity disclosed to the trading platform a reserve quantity of a first trading order received from the first entity. The system determines that a second trading entity did not disclose a reserve quantity of a second trading order received from the second trading entity. The system receives a third trading order. The system preferences the first trading entity over the second trading entity in the routing of trading orders, e.g., by routing the third trading order to the first trading entity.

TECHNICAL FIELD OF THE INVENTION

The present invention relates generally to electronic trading and more specifically to a system for routing a trading order based upon quantity.

BACKGROUND OF THE INVENTION

In recent years, electronic trading systems have gained wide spread acceptance for trading of a wide variety of items, such as goods, services, financial instruments, and commodities. For example, electronic trading systems have been created which facilitate the trading of financial instruments and commodities such as stocks, bonds, currency, futures contracts, oil, and gold.

Many of these electronic trading systems use a bid/offer process in which bids and offers are submitted to the systems by a passive side and then those bids and offers are hit or lifted (or taken) by an aggressive side. For example, a passive trading counterparty may submit a “bid” to buy a particular trading product. In response to such a bid, an aggressive side counterparty may submit a “hit” in order to indicate a willingness to sell the trading product to the first counterparty at the given price. Alternatively, a passive side counterparty may submit an “offer” to sell the particular trading product at the given price, and then the aggressive side counterparty may submit a “lift” (or “take”) in response to the offer to indicate a willingness to buy the trading product from the passive side counterparty at the given price.

SUMMARY OF THE INVENTION

In accordance with the present invention, the disadvantages and problems associated with prior electronic trading systems have been substantially reduced or eliminated.

An apparatus for routing trading orders comprises a memory and a processor. In one mode of operation, the memory stores first trading information associated with a first buy order placed with a first market center. The first buy order is associated with a product and the first trading information comprises a disclosed quantity of the product and a reserved quantity of the product. The memory also stores second trading information associated with a second buy order placed with a second market center. The second buy order is associated with the product and the second trading information comprises a disclosed quantity of the product and a reserved quantity of the product. The processor is coupled to the memory and receives a sell order associated with a quantity of the product. The processor further cancels at least a portion of the second buy order placed with the second market center for placement with the first market center. The canceled portion of the second buy order is determined based at least in part upon the second trading information. The processor further routes at least one additional sell order to the first market center having a quantity that is based upon at least one of the first trading information and the canceled portion of the second buy order.

In another mode of operation, the memory stores first trading information associated with a first sell order placed with a first market center. The first sell order is associated with a product and the first trading information comprises a disclosed quantity of the product and a reserved quantity of the product. The memory also stores second trading information associated with a second sell order placed with a second market center. The second sell order is associated with the product and the second trading information comprises a disclosed quantity of the product and a reserved quantity of the product. The processor is coupled to the memory and receives a buy order associated with a quantity of the product. The processor further cancels at least a portion of the second sell order placed with the second market center for placement with the first market center. The canceled portion of the second sell order is determined based at least in part upon the second trading information. The processor further routes at least one additional buy order to the first market center having a quantity that is based upon at least one of the first trading information and the canceled portion of the second sell order.

Various embodiments of the present invention may benefit from numerous advantages. It should be noted that one or more embodiments may benefit from some, none, or all of the advantages discussed below.

In general, the system of the present invention optimizes the processing of trading orders by routing trading orders to particular market centers based upon quantity. In particular, the trading platform of the system may aggregrate trading orders for communication to a particular, preferred, market center. By aggregating trading orders, the system may reduce the overall number of trading orders that are communicated to market centers and, in doing so, the system may free up network resources in the system to perform other processes, such as to handle other trading orders. Therefore, these techniques may lead to faster and more efficient processing and routing of trading orders.

In addition, the trading platform of the present system stores trading information regarding previous trading orders (e.g., either buy orders or sell orders) that have been placed with various market centers. When the trading platform receives new trading orders for the same product (e.g., such as a buy order), it can refer to the stored trading information (e.g., such as for previous sell orders) to determine where to route the current trading orders in such a way that the trading orders can be fulfilled promptly. In other words, the trading platform can route current trading orders to particular market centers where it has a good chance of being matched with a prior trading order for the same product. By routing trading orders in this way, the trading platform of the present system allows the associated market centers to clear out previous trading orders from its queue and, in doing so, free up memory space and processing resources at the market center. This leads to a faster and more efficient trading system.

Other advantages will be readily apparent to one having ordinary skill in the art from the following figures, descriptions, and claims.

BRIEF DESCRIPTION OF THE DRAWINGS

For a more complete understanding of the present invention and its advantages, reference is now made to the following description, taken in conjunction with the accompanying drawings, in which:

FIG. 1 illustrates one embodiment of a trading system in accordance with the present invention;

FIG. 2 illustrates one embodiment of trading information used by the system illustrated in FIG. 1; and

FIG. 3 illustrates a flowchart of an exemplary method for routing trading orders.

DETAILED DESCRIPTION OF EXAMPLE EMBODIMENTS OF THE INVENTION

FIG. 1 illustrates one embodiment of a trading system 10 that includes a trading platform 12 coupled to a variety of clients 14 using network 16 and further coupled to market centers 18. In general, system 10 optimizes the processing of trading orders 20 by routing trading orders 20 to particular market centers 18 based upon the quantity of product indicated in the order 20 and the quantity of product available at one or more market centers 18.

A trading order 20 comprises an order to buy a particular quantity of a particular trading product (e.g., bid request) or an order to sell a particular quantity of a particular trading product (e.g., offer request). The quantity of the trading product to be bought or sold is referred to herein as the “total quantity.” In particular embodiments, a trading order 20 may also specify a target price (e.g., target bid price and target offer price) for the trading product. Although the following description of system 10 is detailed with respect to trading equities, the trading product that forms the basis of a given trading order 20 may comprise any type of goods, services, financial instruments, commodities, etc. Examples of financial instruments include, but are not limited to, stocks, bonds, and futures contracts.

Clients 14 comprise any suitable local or remote end-user devices that may be used by traders to access one or more elements of trading system 10, such as trading platform 12. For example, a client 14 may comprise a computer, workstation, telephone, an Internet browser, an electronic notebook, a Personal Digital Assistant (PDA), a pager, or any other suitable device (wireless or otherwise), component, or element capable of receiving, processing, storing, and/or communicating information with other components of system 10. A client 14 may also comprise any suitable interface for a trader such as a display, a microphone, a keyboard, or any other appropriate terminal equipment according to particular configurations and arrangements. It will be understood that there may be any number of clients 14, such as clients 14 a, coupled to trading platform 12. In addition, there may be any number of clients 14, such as clients 14 b and 14 c, coupled to market centers 18 without using trading platform 12. Clients 14 a, 14 b, and 14 c shall be collectively referred to as clients 14.

Although clients 14 are described herein as being used by “traders,” it should be understood that the term “trader” is meant to broadly apply to any user of trading system 10, whether that user is an agent acting on behalf of a principal, a principal, an individual, a legal entity (such as a corporation), or any machine or mechanism that is capable of placing and/or responding to trading orders 20 in system 10.

Network 16 is a communication platform operable to exchange data or information between clients 14 and trading platform 12 and/or market centers 18. Network 16 represents an Internet architecture in a particular embodiment of the present invention, which provides traders operating clients 14 with the ability to electronically execute trades or initiate transactions to be delivered to platform 12 and/or market centers 18. Network 16 could also be a plain old telephone system (POTS), which traders could use to perform the same operations or functions. Such transactions may be assisted by a broker associated with platform 12 or manually keyed into a telephone or other suitable electronic equipment in order to request that a transaction be executed. In other embodiments, network 16 could be any packet data network (PDN) offering a communications interface or exchange between any two nodes in system 10. Network 16 may further comprise any combination of local area network (LAN), metropolitan area network (MAN), wide area network (WAN), wireless local area network (WLAN), virtual private network (VPN), intranet, or any other appropriate architecture or system that facilitates communications between clients 14 and platform 12 and/or market centers 18.

Market centers 18 comprise all manner of order execution venues including exchanges, Electronic Communication Networks (ECNs), Alternative Trading Systems (ATSs), market makers, or any other suitable market participants. Each market center 18 maintains a bid and offer price in a given trading product by standing ready, willing, and able to buy or sell at publicly quoted prices, also referred to as market center prices.

Different market centers 18 provide different market center prices for particular trading products. For example, a particular market center 18 may offer a particular bid price and/or offer price for a particular trading product, while another market center 18 may offer a different bid price and/or offer price for the same trading product. Particular market centers 18 also charge a transaction cost in order to execute a trading order 20 that remains in their order book for more than a certain length of time.

In addition, different market centers 18 have adopted different policies regarding the disclosure to market makers of various details of a trading order 20, such as, for example, the size of a trading order 20. For example, a client 14 may place a trading order 20 with a “reserved quantity.” Such a reserved quantity comprises a portion of the total quantity of the trading order 20, and allows the client 14 to enter a large order while having the market center 18 only display a portion of it to the rest of the market. In this case, a first quantity of the trading order 20 is “disclosed” and a second quantity of the trading order 20 is “reserved.” Particular market centers 18, such as market center 18 a, comprise “cooperative” market centers 18 in that they disclose both the disclosed quantity and the reserved quantity of a trading order 20 to trading platform 12. Other market centers 18, such as market center 18 b, comprise “non-cooperative” market centers 18 in that they disclose the disclosed quantity of the trading order to trading platform 12, but do not disclose the reserved quantity of the trading order 20 to trading platform 12.

Trading platform 12 is a trading architecture that facilitates the routing, matching, and otherwise processing of trading orders 20. Platform 12 may comprise a management center or a headquartering office for any person, business, or entity that seeks to manage the trading of orders 20. Accordingly, platform 12 may include any suitable combination of hardware, software, personnel, devices, components, elements, or objects that may be utilized or implemented to achieve the operations and functions of an administrative body or a supervising entity that manages or administers a trading environment. In the particular embodiment described herein, trading platform 12 includes a number of interfaces, processors and memory devices that are executed to support the order processing activities of system 10.

Client interface 30 coupled to network 16 supports communication between clients 14 and the various components of platform 12. In a particular embodiment, client interface 30 comprises a transaction server that receives trading orders 20 communicated by clients 14.

Processor 32 is coupled to client interface 30 and performs a number of order handling tasks within platform 12. In particular, processor 32 records trading orders 20 in memory 34 and routes trading orders 20 to market centers 18. Processor 32 comprises any suitable combination of hardware and software implemented in one or more modules to provide the described function or operation. Processor 32 may execute program instructions stored in memory 34 and comprise processing components to execute the program instructions. Market center interface 36 supports communication between platform 12 and market centers 18.

Memory 34 comprises any suitable arrangement of random access memory (RAM), read only memory (ROM), magnetic computer disk, CD-ROM, or other magnetic or optical storage media, or any other volatile or non-volatile memory devices that stores one or more files, lists, tables, or other arrangements of information, such as trading orders 20 and trading information 40. Although FIG. 1 illustrates memory 34 as internal to trading platform 12, it should be understood that memory 34 may be internal or external to components of system 10, depending on particular implementations. Also, memory 34 illustrated in FIG. 1 may be separate or integral to other memory devices to achieve any suitable arrangement of memory devices for use in system 10.

It should be noted that the internal structure of trading platform 12, and the interfaces, processors, and memory devices associated therewith, is malleable and can be readily changed, modified, rearranged, or reconfigured in order to achieve its intended operations.

In operation, clients 14 place a variety of trading orders 20 with market centers 18 with or without the assistance of trading platform 12. Memory 34 stores trading information 40 associated with these trading orders 20. For any given trading order 20, trading information 40 may comprise information about whether the trading order 20 is a buy order or a sell order, the underlying trading product, the total quantity, pricing information, and any other suitable information regarding the trading order 20. For those trading orders 20 placed with market center 18 a but not by trading platform 12, for example, trading information 40 may include both the disclosed quantity of the underlying trading product as well as the reserved quantity of the trading product. For those trading orders 20 placed with market center 18 b but not by trading platform 12, for example, trading information 40 may include only the disclosed quantity of the underlying trading product. For those trading orders 20 placed with either market center 18 a or 18 b by trading platform 12, trading information 20 may include both the disclosed quantity of the underlying trading product as well as the reserved quantity of the trading product.

When trading platform 12 receives additional trading orders 20 from clients 14 a, processor 32 routes additional trading orders 20 to one or more market centers 18 based upon trading information 40 stored in memory 34. For example, if trading platform 12 receives a sell order 20 associated with a quantity of a particular product, processor 32 routes at least one additional sell order 20 to one or more of market centers 18 based upon trading information 40 associated with previous buy orders 20 for the same product. Similarly, if trading platform 12 receives a buy order 20 associated with a quantity of a particular product, processor 32 routes at least one additional buy order 20 to one or more of market centers 18 based upon trading information 40 associated with previous sell orders 20 for the same product. While this description is detailed with reference to the trading platform 12 receiving one or more trading orders 20 and communicating additional trading orders 20 to market centers 18, it should be understood that one or more of the additional trading orders 20 may comprise some, none, or all of a trading order 20 received by trading platform 12.

In routing these additional trading orders 20 to market centers 18, trading platform 12 may show a preference for one market center 18, such as cooperative market center 18 a, over another market center 18, such as non-cooperative market center 18 b. In particular, trading platform 12 may seek to fulfill as much as possible of the total quantity of a trading order 20 for a particular product at market center 18 a before seeking to fulfill any portion of the total quantity of the trading order 20 at market center 18 b. In addition, where trading platform 12 previously placed a trading order 20, such as a buy order 20 for a particular product, with market center 18 b, it may cancel such previous trading order 20 and place it at market center 18 a so that a subsequently received trading order 20, such as a sell order 20 for the same product, may be fulfilled (at least in part) at market center 18 a rather than market center 18 b. The portion of the trading order 20 that is canceled at market center 18 b and placed instead at market center 18 a is based at least in part upon trading information 40.

FIG. 2 illustrates one embodiment of trading information 40 used by system 10. Trading information 40 is illustrated in a table having columns 50-58 and rows 60-72. Columns 50-58 illustrate at least a portion of the types of information that comprise trading information 40, including the type of trading orders 20 (e.g., buy order or sell order) in column 50; the product that is the subject of the trading order 20 in column 52; the disclosed quantity of the trading order 50 in column 54; the reserved quantity of the trading order 50 in column 56; and the market center 18 a or 18 a to which a particular trading order 20 was routed in column 58. Each row 60-72 represents a trading order 20 previously placed or currently in place with a market center 18, whether it was or was not placed by trading platform 12. It should be understood that trading information 40 may be stored in any suitable arrangement of data, whether formatted in a table or any other data structure.

Several examples of the operation of system 10 will now be described with reference to trading information 40 illustrated in FIG. 2. At the outset, however, suppose clients 14 b placed trading orders 20 with market center 18 a, as illustrated in rows 60 and 62, without the assistance of trading platform 12. In particular, the first trading order 20, illustrated in row 60, may be a buy order 20 for a product “XYZ” with a disclosed quantity of ten units and a reserved quantity of ten units. The second trading order 20, illustrated in row 62, may be a buy order 20 for the product “XYZ” with a I 0 disclosed quantity of ten units and a reserved quantity of zero units. Suppose further that clients 14 c placed trading orders 20 with market center 18 b, as illustrated in rows 64 and 66, without the assistance of trading platform 12. In particular, the first trading order 20, illustrated in row 64, may be a buy order 20 for a product “XYZ” with a disclosed quantity of ten units and a reserved quantity that remains unknown since market center 18 b is “non-cooperative” with trading platform 12. The second trading order 20, illustrated in row 66, may be a buy order 20 for the product “XYZ” with a disclosed quantity of ten units and a reserved quantity that is unknown also.

Therefore, at this point, trading information 40 indicates that a disclosed quantity of forty units of product “XYZ” is being bid upon at market centers 18 a and 18 b (as indicated by rows 60-66 at column 54), that a reserved quantity of ten units of product “XYZ” is being bid upon at market center 18 a (as indicated by row 60 at column 56), and that an unknown reserved quantity of product “XYZ” is being bid upon at market center 18 b (as indicated by rows 64 and 66 at column 56).

In the first example operation, assume that trading platform 12 receives a sell order 20 for product “XYZ” for a total quantity of thirty units. Assume further that platform 12 preferences cooperative market center 18 a in its order routing decisions. Because platform 12 stores trading information 40 indicating that thirty units of product “XYZ” is currently being bid upon in market center 18 a, trading platform 12 routes a sell order 20 for product “XYZ” for the total quantity of thirty units to market center 18 a where it can be fulfilled. By fulfilling as much as possible (e.g., thirty units) of the total quantity of the sell order 20 (e.g., thirty units) at market center 18 a to the exclusion of market center 18 b, trading platform 12 exhibits a preference for cooperative market center 18 a in its order routing process.

In the second example operation, assume that trading platform 12 receives a sell order 20 for product “XYZ” for a total quantity of fifty units. Assume further that platform 12 preferences cooperative market center 18 a in its order routing decisions. Because trading information 40 indicates that thirty units of product “XYZ” is currently being bid upon in market center 18 a, trading platform 12 routes a sell order 20 for product “XYZ” for a quantity of thirty units to market center 18 a where it can be fulfilled. Because trading platform 12 indicates that twenty units of product “XYZ” is currently being bid upon in market center 18 b, trading platform 12 routes a sell order 20 for product “XYZ” for the remaining quantity of twenty units to market center 18 b where it can be fulfilled. By fulfilling as much as possible (e.g., thirty units) of the total quantity of the sell order 20 (e.g., fifty units) at market center 18 a before fulfilling the remainder (e.g., twenty units) at market center 18 b, trading platform 12 exhibits a preference for cooperative market center 18 a in its order routing process.

In the third example, assume further that trading platform 12 receives an additional buy order 20 for product “XYZ” in the amount of twenty units (e.g., ten units disclosed and ten units reserved) from a client 14 a. Per the instructions of client 14 a, assume that trading platform 12 places a buy order 20 with market center 18 a for product “XYZ” with a disclosed quantity of five units and a reserved quantity of five units, as illustrated in row 68. Assume further that trading platform 12 places a buy order 20 with market center 18 b for product “XYZ” with a disclosed quantity of five units and a reserved quantity of five units, as illustrated in row 70. At this point, trading information 40 indicates that a disclosed quantity of fifty units of product “XYZ” is being bid upon at market centers 18 a and 18 b (as indicated by rows 60-70 at column 54), that a reserved quantity of fifteen units of product “XYZ” is being bid upon at market center 18 a (as indicated by rows 60 and 68 at column 56), and that a reserved quantity of five units of product “XYZ” is being bid upon at market center 18 b (as indicated by row 70 at column 56).

Now, assume that trading platform 12 receives a sell order 20 for product “XYZ” for a total quantity of seventy-five units. Assume further that platform 12 preferences cooperative market center 18 a in its order routing decisions. Because trading information 40 indicates that a total of forty units of product “XYZ” is currently being bid upon in market center 18 a (as indicated by rows 60, 62, and 68), trading platform 12 routes a sell order 20 for product “XYZ” for a quantity of forty units to market center 18 a where it can be fulfilled. Next, trading information 40 indicates that trading platform 12 placed with market center 18 b a buy order 20 for product “XYZ” for a disclosed quantity of five units and a reserved quantity of five units, for a total quantity of ten units (as indicated in row 70). Assume further that platform 12 preferences cooperative market center 18 a in its order routing decisions. As a result, platform 12 cancels the buy order 20 placed with market center 18 b detailed in row 70 (as indicated by the dashed line through row 70) and, instead, places the buy order 20 with market center 18 a (as indicated in row 72). Now, trading information 40 indicates that ten units of product “XYZ” is currently being bid upon in market center 18 a (as indicated by row 72). Therefore, trading platform 12 routes a sell order 20 for product “XYZ” for a quantity of ten units to market center 18 a where it can be fulfilled. The cancellation of the buy order 20 with market center 18 b and the placement of the buy order 20 with market center 18 a may occur simultaneously or sequentially in time.

Of the original quantity of seventy-five units in the sell order 20 received by trading platform 12, fifty units have now been fulfilled at market center 18 a, leaving an additional twenty-five units unfulfilled. However, trading information 40 indicates that twenty units of product “XYZ” is currently being bid upon in market center 18 b (as indicated by rows 64 and 66). Therefore, trading platform 12 routes a sell order 20 for product “XYZ” for a quantity of twenty units to market center 18 b where it can be fulfilled. The five units of the sell order 20 that remain unfulfilled may be routed to market center 18 a, market center 18 b, or both per the instructions of the client 14 a or the order routing priorities of trading platform 12. By fulfilling as much as possible (e.g., forty units) of the total quantity of the sell order 20 (e.g., seventy-five units) at market center 18 a, and by canceling a buy order 20 previously placed with market center 18 b (e.g., for ten units) for placement at market center 18 a so that another ten units of the sell order 20 could be fulfilled at market center 18 a, trading platform 12 exhibits a preference for cooperative market center 18 a in its order routing process.

Although the previous examples are detailed with reference to trading information 40 detailing buy orders 20 and trading platform 12 routing sell orders 40 accordingly, it should be understood that trading information 40 can detail any number and combination of buy orders 20 and sell orders 20, and that trading platform 12 can route any number and combination of buy orders 20 and sell orders 20 using the techniques described above.

FIG. 3 illustrates a flowchart of an exemplary method for routing trading orders 20. The method begins at steps 80 and 82 where trading platform 12 stores trading information 40 associated with one or more trading orders 20 (e.g., buy orders 20 and/or sell orders 20 for a particular product) placed with market center 18 a, and trading information 40 associated with one or more trading orders 20 (e.g., buy orders 20 and/or sell orders 20 for a particular product) placed with market center 18 b. At least a portion of this trading information 40 may be associated with trading orders 20 placed with market centers 18 a or 18 b by trading platform 12. Execution proceeds to step 84 where trading platform 12 receives a trading order 20 (e.g., buy order 20 or sell order 20) for a particular quantity of the particular product.

At step 86, trading platform 12 determines whether a corresponding trading order 20 for the particular product was placed by trading platform 12 at market center 18 b. For example, if the trading order 20 received at step 84 is a buy order 20, trading platform 12 determines at step 86 whether a sell order 20 for the particular product was placed by trading platform 12 at market center 18 b. If the trading order 20 received at step 84 is a sell order 20, trading platform 12 determines at step 86 whether a buy order 20 for the particular product was placed by trading platform 12 at market center 18 b. If so, execution proceeds to step 88 where trading platform 12 cancels at least a portion of the corresponding order 20 at market center 18 b. Execution proceeds to step 90 where trading platform 12 places the corresponding order 20 at market center 18 a.

Upon placing the corresponding order 20 at market center 18 a at step 90, or upon determining that a corresponding order 20 was not placed by trading platform 12 at market center 18 b at step 86, execution proceeds to step 92 where trading platform 12 routes one or more trading orders 20 to market center 18 a to fulfill at least a portion of the trading order 20 received at step 84. The trading order 20 received at step 84 may be fulfilled at least in part by corresponding trading orders 20 that were originally placed at market center 18 a (whether by trading platform 12 or not) and/or by corresponding trading orders 20 that were placed at market center 18 a by trading platform 12 at step 90 in association with a corresponding trading order 20 that was canceled at market center 18 b at step 88. In this regard, trading platform 12 exhibits a preference for cooperative market center 18 a in its order routing process.

Although the present invention has been described in several embodiments, a myriad of changes and modifications may be suggested to one skilled in the art, and it is intended that the present invention encompass such changes and modifications as fall within the scope of the present appended claims. 

1-40. (canceled)
 41. A non-transitory machine-readable medium having instructions stored thereon which, when executed by at least one processor, direct the at least one processor to perform a method comprising: determining that a first trading entity disclosed to the trading platform a reserve quantity of a first trading order received from the first entity; determining that a second trading entity did not disclose a reserve quantity of a second trading order received from the second trading entity; receiving a third trading order; based on the act of determining that the first trading entity disclosed to the trading platform the reserve quantity of a first trading order and the act of determining that the second trading entity did not disclose the reserve quantity of the second trading order received from the second trading entity, preferencing the first trading entity over the second trading entity in the routing of trading orders, in which the act of preferencing the first trading entity over the second trading entity comprises routing the third trading order to the first trading entity.
 42. The non-transitory machine-readable medium of claim 41, in which the act of routing the at least portion of the third trading order to the first trading entity comprises: determining a quantity of the first trading order that can be fulfilled at the first market center; routing the determined quantity of the third trading order to the first market center for fulfillment of the determined quantity.
 43. The non-transitory machine-readable medium of claim 42, in which the instructions, when executed by the at least one processor, further direct the at least one processor to: determine that a remaining quantity of the first trading order can be fulfilled at the second market center after the quantity is fulfilled at the first market center; and after routing the determined quantity to the first market center, route the remaining quantity to the second market center.
 44. The non-transitory machine-readable medium of claim 41, in which the instructions, when executed by the at least one processor, further direct the at least one processor to: receive a fourth order for the financial instrument; route the fourth order to the second market center; determine a quantity of the fourth trading order that can be fulfilled by the first trading entity; determine that at least a portion of a remaining quantity of the fourth trading order can be matched with the third trading order after the determined quantity of the fourth trading order is fulfilled by the first trading entity, in which the fourth order is contra to the third trading order; and after routing at least a portion of the fourth trading order to the first trading entity, and based on based on (1) the act of determining that the first trading entity disclosed to the trading platform the reserve quantity of a first trading order, (2) the act of determining that the second trading entity did not disclose the reserve quantity of the second trading order received from the second trading entity, and (3) the act of determining that at least a portion of the remaining quantity can be matched with the third order after the determined quantity is fulfilled by the first trading entity: cancel at least a portion of the fourth order at the second market center; and route to the first trading entity a fifth order that is contra to the third trading order and equal in quantity to the cancelled portion of the fourth order, in which the fifth order is matched with at least a portion of the remaining quantity of the fourth trading order.
 45. The non-transitory machine-readable medium of claim 44, in which the act of cancelling at least a portion of the fourth order comprises cancelling all of the quantity of the fourth order, and in which the fifth order is equal in quantity to the fourth trading order.
 46. The non-transitory machine-readable medium of claim 41, in which the act of routing at least a portion of the third trading order to the first trading entity comprises routing all of the quantity of the third trading order to the first trading entity.
 47. The non-transitory machine-readable medium of claim 41, in which the first and second trading orders each comprise buy orders for a trading product, and in which the third order comprises a sell order for the trading product.
 48. The non-transitory machine-readable medium of claim 41, in which the first and second orders each comprise sell orders for a trading product, and in which the third order comprises a buy order for the trading product.
 49. The non-transitory machine-readable medium of claim 41, in which the first trading entity comprises a cooperative exchange such that the first trading entity discloses to the trading platform reserved quantities of trading orders placed by trading participants pursuant to a first disclosure policy associated with the first trading entity, and in which the second trading entity comprises a non-cooperative exchange such that the second trading entity does not disclose to the trading platform reserved quantities of trading orders placed by trading participants pursuant to a second disclosure policy associated with the second trading entity.
 50. The non-transitory machine-readable medium of claim 41, in which the act of routing at least a portion of the third trading order to the first market center comprises: based on the act of determining that the first trading entity disclosed to the trading platform the reserve quantity of a first trading order and the act of determining that the second trading entity did not disclose the reserve quantity of the second trading order received from the second trading entity, routing at least a portion of the third trading order to the first trading entity such that no portion of the third trading order is routed to the second market center.
 51. The non-transitory machine-readable medium of claim 41, in which a total quantity of the third trading order is filled at one or more market centers other than the second market center.
 52. The non-transitory machine-readable medium of claim 41, in which at least a portion of the third trading order is filled before any portion of the third trading order is routed to the second trading entity.
 53. An apparatus comprising: at least one processor; and at least one memory having instructions stored thereon which are configured to, when executed by the at least one processor, direct the at least one processor to: determine that a first trading entity disclosed to the trading platform a reserve quantity of a first trading order received from the first entity; determine that a second trading entity did not disclose a reserve quantity of a second trading order received from the second trading entity; receive a third trading order; responsive to (1) the act of determining that the first trading entity disclosed to the trading platform the reserve quantity of a first trading order and (2) the act of determining that the second trading entity did not disclose the reserve quantity of the second trading order received from the second trading entity, route at least a portion of the third trading order to the first trading entity.
 54. The apparatus of claim 53, in which the act of routing at least a portion of the third trading order to the first trading entity comprises: determining a quantity of the first trading order that can be fulfilled at the first market center; routing the determined quantity of the third trading order to the first market center for fulfillment of the determined quantity.
 55. The apparatus of claim 54, in which the instructions are further configured to, when executed by the at least one processor: determine that a remaining quantity of the first trading order can be fulfilled at the second market center after the quantity is fulfilled at the first market center; and after routing the determined quantity to the first market center, route the remaining quantity to the second market center.
 56. The apparatus of claim 53, in which the instructions are further configured to, when executed by the at least one processor: receive a fourth order for the financial instrument; route the fourth order to the second market center; determine a quantity of the fourth trading order that can be fulfilled by the first trading entity; determine that at least a portion of a remaining quantity of the fourth trading order can be matched with the third trading order after the determined quantity of the fourth trading order is fulfilled by the first trading entity, in which the fourth order is contra to the third trading order; and after routing at least a portion of the fourth trading order to the first trading entity, and based on based on (1) the act of determining that the first trading entity disclosed to the trading platform the reserve quantity of a first trading order, (2) the act of determining that the second trading entity did not disclose the reserve quantity of the second trading order received from the second trading entity, and (3) the act of determining that at least a portion of the remaining quantity can be matched with the third order after the determined quantity is fulfilled by the first trading entity: cancel at least a portion of the fourth order at the second market center; and route to the first trading entity a fifth order that is contra to the third trading order and equal in quantity to the cancelled portion of the fourth order, in which the fifth order is matched with at least a portion of the remaining quantity of the fourth trading order.
 57. A method comprising: determining, by at least one processor, that a first trading entity disclosed to the trading platform a reserve quantity of a first trading order received from the first entity; determining, by the at least one processor, that a second trading entity did not disclose a reserve quantity of a second trading order received from the second trading entity; receiving, by the at least one processor, a third trading order; based on the act of determining that the first trading entity disclosed to the trading platform the reserve quantity of a first trading order and the act of determining that the second trading entity did not disclose the reserve quantity of the second trading order received from the second trading entity, preferencing, by the at least one processor, the first trading entity over the second trading entity in the routing of trading orders, in which the act of preferencing the first trading entity over the second trading entity comprises routing at least a portion of the third trading order to the first trading entity.
 58. The method of claim 57, further comprising: determining that at least one order associated with the first entity is contra to the first trading order and is available to be at least partially matched with the first trading order; and receiving information about a second order associated with the second trading entity that is contra to the third trading order and that is available to be at least partially matched with the first trading order, in which the act of routing the third trading order to the first trading entity is further based at least in part on the determination that the first trading order of the first trading entity is contra to the third trading order and is available to be at least partially matched with the third trading order, and in which the act of routing at least a portion of the third trading order to the first trading entity occurs after receiving the information about the second order.
 59. The method of claim 57, in which the act of routing at least a portion of the third trading order to the first trading entity comprises: determining a quantity of the first trading order that can be fulfilled at the first market center; routing the determined quantity of the third trading order to the first market center for fulfillment of the determined quantity.
 60. The method of claim 57, further comprising: receiving a fourth order for the financial instrument; routing the fourth order to the second market center; determining a quantity of the fourth trading order that can be fulfilled by the first trading entity; determining that at least a portion of a remaining quantity of the fourth trading order can be matched with the third trading order after the determined quantity of the fourth trading order is fulfilled by the first trading entity, in which the fourth order is contra to the third trading order; and after routing at least a portion of the fourth trading order to the first trading entity, and based on based on (1) the act of determining that the first trading entity disclosed to the trading platform the reserve quantity of a first trading order, (2) the act of determining that the second trading entity did not disclose the reserve quantity of the second trading order received from the second trading entity, and (3) the act of determining that at least a portion of the remaining quantity can be matched with the third order after the determined quantity is fulfilled by the first trading entity: cancelling at least a portion of the fourth order at the second market center; and routing to the first trading entity a fifth order that is contra to the third trading order and equal in quantity to the cancelled portion of the fourth order, in which the fifth order is matched with at least a portion of the remaining quantity of the fourth trading order. 